NEW YORK, Feb 7 U.S. shares fell on Thursday
after the euro currency dropped against the safe-haven dollar
and yen, raising worries about Europe's outlook and curbing
investors' appetite for risky assets such as stocks.

The euro sank after European Central Bank President Mario
Draghi said the exchange rate was important to growth and price
stability, which investors took as a sign the bank is concerned
about the euro's advance in recent days.

U.S. stocks have been in an uninterrupted uptrend for most
of the year, with the S&P 500 gaining more than 5 percent for
2013.

"The market is a bit shaky on the back of some of the Draghi
comments" amid worry the strength of the euro might hamper
economic recovery, said Andre Bakhos, director of market
analytics at LEK Securities in New York.

"Whether this ignites renewed concerns about the euro debt
struggles and Europe in general is yet to be seen, but the
market is looking for any reason to take a profit. It is just
consolidating near multi-year highs, taking a respite before we
advance higher."

The Dow Jones industrial average was down 92.05
points, or 0.66 percent, at 13,894.47. The Standard & Poor's 500
Index was down 7.93 points, or 0.52 percent, at
1,504.19. The Nasdaq Composite Index was down 14.95
points, or 0.47 percent, at 3,153.52.

Housing and retail stocks were the day's biggest decliners.
The housing sector index was off 1 percent and the S&P
housing index was off 0.5 percent.

Top U.S. retailers reported strong January sales after
offering compelling merchandise that drew in shoppers facing a
hit to their take-home pay from higher payroll taxes.

Fund manager David Einhorn's Greenlight Capital on Thursday
said it has sued Apple Inc and said the company needs
to do more to unlock value for shareholders. Apple shares gained
1.2 percent at $460.16.

Akamai Technologies Inc lost 15.6 percent to $35.06
as the worst performer on the S&P 500 after the Internet content
delivery company forecast current-quarter revenue below
analysts' expectations.

Initial jobless claims dipped last week, with the four-week
moving average falling to its lowest level since March 2008,
signaling the economy continues to recover slowly.

A separate report said fourth-quarter productivity
registered its biggest drop in nearly two years, while unit
labor costs jumped 4.5 percent, more than economists expected.

According to Thomson Reuters data through Thursday morning,
of 317 companies in the S&P 500 that have reported earnings, 69
percent have exceeded analysts' expectations, above a 62 percent
average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies rose 5
percent, according to the data, above a 1.9 percent forecast at
the start of the earnings season.

Trending Stories

Sponsored Topics

Reuters is the news and media division of Thomson Reuters. Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: